Personal Loans

Personal loans, also known as unsecured signature loans, require no collateral. They can be used for many reasons and are often more flexible than other types of loans. A range of loan amounts and terms are available. Read on to see if a Cobalt Credit Union personal loan is right for you.

Apply for a personal loan

Learn about personal loans:

How it works  |  How to apply  |  Amounts & Terms

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How a Personal Loan Works


When you apply for a personal loan, you may be asked to specify the purpose of the loan to make sure that it conforms to our lending requirements. For example, other loans such as student loans or mortgages are for specific purposes. You must abide by the terms of use for those loans. With a credit union personal loan, no collateral is required and you have more freedom to use the loan for a variety of purposes. Sometimes a personal loan is referred to as an unsecured signature loan which means no collateral is needed.


Personal loans can be used for many things including:

  • Debt consolidation of other loans or credit cards
  • Emergency expenses

  • Home renovations
  • Major life events like a wedding
  • Even a special vacation 

To learn more, read our blog on Personal Loans 101


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How to Apply for a Personal Loan


Applying for a personal loan requires running a credit report and getting your credit score. If you want to find out more about credit scores, visit our blog Credit Scores: A Digital Finger on Your Financial Pulse.


Loans are subject to credit approval and your ability to repay. Your interest rate for the loan will be determined upon term, loan-to-value ratio, and credit score.


Cobalt Credit Union also offers a debt protection plan with your personal loan in the event of death, disability or involuntary unemployment. Contact a Cobalt representative for more details.


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Personal Loan Amounts and Terms


Personal loan amounts are available from $1,000 to $30,000. Available terms include 1 year loans to 5 year loans and we don’t charge a fee if you pay off your loan early. So there are no prepayment penalties if you decide to pay off your loan faster than your payment schedule which saves you interest in the long run.


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To learn more about loans and other money management topics, visit our Financial Education page.

*Annual Percentage Rate. Rates effective as of March 20, 2024, and subject to change without notice. Member loyalty Discount of 0.25% APR requires maintaining direct deposit to a Cobalt checking or savings account. Loyalty discount is only available on new money new loans. Existing personal loans must refinance with a minimum of $1,000 added to the loan in order to qualify for the loyalty discount. Current rates range from 9.74% APR to 16.99% APR before loyalty discount and are based on creditworthiness and the loan term. The minimum loan amount is $500 and the maximum is $30,000. Loan terms available up to 60 months. No prepayment penalty. Payment example: The monthly payment, without debt protection, for $10,000 at a 36-month term with a 9.74% APR, is approximately $341.93. All loans are subject to approval.